Tax Month – January 2023

T a x  T e c h n i c a l  –  M o n t h l y  N e w s

– January 2023 Edition –

‘Tax Developments’ for tax practitioners by a tax practitioner.

 

Compiled by F John Morgan
A member of the Victorian Bar (www.FJMtax.com)

Table of Contents

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Legislation

Acts & Bills

• Doubling of foreign investment residential land penalties – starting 1 January 2023

Cases

Tax Summaries

• Tax Case Summaries – January 2023

Rulings

Practical Compliance Guides

• PCG 2018/9 updated – extension of time for foreign-incorporated ‘non-resident’ companies to change their CM&C out of Australia – 30 June 2023 is last extension

Other ATO news or statements

• Treasury and ATO may ‘re-think’ private sector consultation after PwC breach & TPB deregistration

GST 

Cases (GST)

• FCT v Landcom – GST margin scheme applies separately to each of the 4 lots sold under a single contract – protecting the State corporation from GST on some of those lots

Superannuation

Legislation etc. (Super)

• ‘Downsizer’ superannuation contributions concession – age reduced to 55 from 1 January 2023
• Reform of the superannuation fund ‘Non-arm’s Length Expenditure (NALE) rules (finally)- Consultation Paper released

Other (Super)

• APRA releases updated ‘MySuper’ (default fund) HEATMAP – which have been useful in eradicating poor performance and holding trustees to account
• APRA’s December 2022 superannuation fund performance ‘heat map’ – see which ‘default funds’ are good and bad

Other Developments

Tax Practitioners Board

• PwC international tax partner and Tax Institute 2016 ‘Corporate Tax adviser of the year’ – deregistered by TPB and PwC sanctioned also
• PwC International Tax Partner deregistered as a ‘tax agent’ – but before we rush to judge …

 

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ATW – Australian Tax Week (CCH); LTN – Latest Tax News (Thomson Reuters); TaxVine – The Tax Institute weekly email.